MAHINDRA & MAHINDRA LTD. | Integrated Annual Report 2022-23

355 COMPANY OVERVIEW BOARD’S REPORT MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE GOVERNANCE BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT STANDALONE ACCOUNTS CONSOLIDATED ACCOUNTS 28. Employee Benefits Expense Rupees crores Particulars 2023 2022 Salaries and wages, including bonus......................................................................................................................................................................................... 8,412.38 7,277.66 Contribution to provident and other funds......................................................................................................................................................................... 581.26 517.48 Share based payment expenses.................................................................................................................................................................................................. 146.08 108.42 Staff welfare expenses....................................................................................................................................................................................................................... 538.23 483.18 Total ................................................................................................................................................................................................................................................................ 9,677.95 8,386.74 29. Finance Cost Rupees crores Particulars 2023 2022 Interest expense on financial liabilities at amortised cost....................................................................................................................................... 5,514.75 4,755.55 Interest on lease liabilities............................................................................................................................................................................................................... 184.74 159.05 Other borrowing cost.......................................................................................................................................................................................................................... 130.21 103.45 Total ................................................................................................................................................................................................................................................................ 5,829.70 5,018.05 Out of the above, finance cost related to: – Financial services business.................................................................................................................................................................................................. 5,079.63 4,392.60 – Others................................................................................................................................................................................................................................................ 750.07 625.45 Total ................................................................................................................................................................................................................................................................ 5,829.70 5,018.05 Other borrowing cost mainly includes discounting charges and unwinding of discount on financial liabilities other than lease liability. 30. Depreciation, Amortisation and Impairment Expense Rupees crores Particulars 2023 2022 Depreciation of property, plant and equipment................................................................................................................................................................ 2,430.72 2,052.35 Depreciation of right-of-use assets........................................................................................................................................................................................... 574.72 482.49 Amortisation of intangible assets............................................................................................................................................................................................... 1,323.26 967.82 Impairment of property, plant & equipment, intangible and intangible under development........................................................... 28.11 4.84 Total ................................................................................................................................................................................................................................................................ 4,356.81 3,507.50